Hey @Mario Morales I assume you're planning to purchase the new property under your personal name rather than through an LLC?

LVL material, preference for an open floor plan, make this renovation very popular.

What's your plan for getting started?

However, you can claim a tax credit on your California return for taxes paid to Oregon, mitigating double taxation.If you only plan to own this one property, consider using umbrella insurance as an alternative to an LLC.

It became your strategic advantage.The Moral of the Story:Sometimes in tax planning, what looks like a lemon can make premium lemonade.

Assets identified in this study include:Standard windows and doorsInterior ceilings and wallsBasic plumbing and electrical systemsBuilding structural elementsBasic HVAC componentsThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

but careful planning and documentation are essential""...making sure that your wife understands what she needs to do to document her hours and activities."

I also think every property is unique and needs their own plan.

Multi-family real estate is something I am planning on doing after I graduate college and eventually full-time. 

Their entire business plan is wait a few days to come out, charge  deductible, go back to the office to order a part or two that will come in a day or two.